BUSINESS AND IT'S OBLIGATION

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Business involves organized activities that provide goods and services, some makes ,manufacture or distribute the goods and services some even extract the raw material that are used to make product or goods others render services by repairing and maintaining our equipment and machine.
we can also say that business is any activities that seek for profit by providing goods and services to others. A business exist only because it can provide what consumers want. business gives to us all the things we need to make this life worth living. the means by which those goods and services are distributed is through a socially organized system of exchange.

Obligation of business.

Any business assumes a big obligation to it's primary and secondary stakeholders such as the customer, workers competitors, government and investors. this is simply because of the fact that any failure has a bigger effect on the economy.

1 . customers ÷ every business must give consumers their desired satisfaction they want at the lowest possible cost without reducing it quality. if your business does not in any way satisfy the need and want of your consumers, that business is not a business and the percentage of it crashing is very high.

2 . worker ÷ you must provide a conducive environment for your worker to work don't allow them to work under tension and anxiety you won't get the best out of them also make sure that their reward and necessary bonus are paid on it if this obligation is not fulfilled the worker will not put their best into the business.

3 . competitors ÷ a business should under no condition or circumstances involve in unfair practice e.g counterfeiting, smuggling e.t.c.

4 . Government ÷ business must not go against the law of the land instead, it must help to promote it's culture, general welfare and ethical obligation.

5 . Investor ÷ business must be profitable to the investors that invest their time, money and energy just to may sure that the business works.

In conclusion

when a business fails in it obligations that business is useless because it has no benefit to the government, investor, worker, customer.



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